World’s Costliest Plot of Land is a Car Park

Murray Road Car Park in Hong Kong has set a new record as the most expensive plot of land in the world, after developers snapped up the lot from the City States Authorities this week for a staggering three billion dollars.

The somewhat nondescript building, situated Central on Hong Kong Island, was snapped up by Henderson Land Development, the company owned by one of Hong Kong’s wealthiest families. This is the first time in 20 years that the Hong Kong government has sold any state-owned land on the Island of Hong Kong for commercial development, which probably contributed to the high price, of course. The lot can be developed into a 465,000 sq ft of offices, meaning that you will have to pay about US$6,500 per square foot.

Of course, as the developer moves in, those who used to park at Murray Road will have to find alternative spaces, putting even greater pressure on the remaining available lots, a potential bonanza for the car park operators. Else, you could always take the subway…

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Automology: the study of all things automotive. From product launches, racing and automobile events to technological advances, personal mobility trends and sustainability. And the occasional viral video and silly car caper.